Photo courtesy of the City of Cambridge.

A 1970s mixed-use complex on the Belmont-Cambridge line was sold recently for $37.5 million.

The Blair Pond Estates, an 80-unit apartment complex that backs onto the Alewife Quadrangle, was bought by New England mid-market multifamily specialists True North Capital Partners.

The three-building, 3.26-acre property at 89 Blanchard Road contains two 40-unit apartment buildings and a 15,400-square-foot office-retail building facing Blanchard Road, according to Cambridge property records. The building is assessed at $26.35 million. City records show the property hadn’t changed hands since 1957.

The Alewife Quad is expected to be a major life science growth area in the coming years as developers and investors seek to serve the region’s voracious demand for new biotech real estate in areas with good connections to Cambridge’s Kendall Square, but without Kendall’s sky-high land prices.